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Evening Standard
Evening Standard
Business
Jonathan Prynn

B&Q owner Kingfisher warns of £31 million hit from National Insurance changes next year

Kingfisher National Insurance Insurance CBI NI United Kingdom BQ France Screwfix
B&Q’s owner Kingfisher said NI hit could not be fully offset by cost cutting (Rui Vieira/PA) - (PA Wire)

Shares in B&Q’s owner Kingfisher tumbled today when it became the latest major employer to warn on the impact of the increase of employer National Insurance rates saying the Budget announcement will increase costs by £31 million next year.

The Anglo-French retail and DIY giant, which also owns the Screwfix and TradePoint brands in the UK, and Castorama in France, said the impact of the hike in rates and lowering in the threshold will be be felt in the next financial year starting in January.

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